(C) Daily Kos This story was originally published by Daily Kos and is unaltered. . . . . . . . . . . Where Neoliberalism Went Wrong [1] ['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.'] Date: 2024-12-17 Neoliberalism, as Grace Blakeley highlights in her work *Vulture Capitalism*, has long been sold as an ideology rooted in the freedom of markets and the promise of individual empowerment. However, beneath this veneer lies a systemic framework of centralized planning, monopolistic control, and deliberate dismantling of collective power. The failures of neoliberalism are not aberrations; they are intrinsic to its design. As Blakely explained in an interview with The Jacobin , neoliberalism's fatal flaw is its paradoxical nature: while it preaches individual freedom, it structurally enforces economic and social constraints that strip autonomy from the majority. At its core, neoliberalism was presented as a reaction to the collectivism of post-war Fordism and the perceived inefficiency of state intervention. Thinkers like Friedrich Hayek and Milton Friedman popularized the belief that a free market, unshackled by state interference, would naturally foster economic growth, innovation, and individual liberty. This ideology became politically dominant in the 1970s and 1980s through figures such as Ronald Reagan and Margaret Thatcher, who championed privatization, deregulation, and austerity. The flaw in this premise lies in the misconception of what “free markets” actually entail. Neoliberalism did not eliminate planning; it shifted the locus of planning from democratic state institutions to private corporations and financial elites. Blakeley underscores how markets, far from being self-regulating, are structured and maintained through deliberate state intervention to benefit capital. Examples abound, from financial bailouts to pro-corporate legislation. For instance, during crises like the 2008 financial collapse, governments intervened to rescue financial institutions, reinforcing the privatization of profit and socialization of risk. The “free market,” therefore, is a myth—a cover for a system meticulously managed to uphold capitalist power. Neoliberalism’s economic policies have produced staggering inequality. The privatization of public assets, from housing to healthcare, has concentrated wealth in the hands of a few while burdening the working class with debt and precarity. Blakeley’s analysis draws attention to how this inequality is not accidental but intentional: neoliberalism actively atomizes individuals by promoting competitive individualism over collective action. In doing so, it weakens labor movements, disempowers workers, and fragments communities. This ideological shift has convinced generations to view economic hardship as a personal failure rather than the result of systemic forces. The monopolistic tendencies of neoliberal capitalism further exacerbate its failures. Instead of fostering fair competition, neoliberal markets have enabled corporate giants to dominate entire industries, stifling innovation and worker power. Blakeley cites Boeing as an example, where cost-cutting, collusion, and corruption have taken precedence over public safety and competition. Such corporations plan economic futures in ways reminiscent of governments, yet remain unaccountable to the public. On a political level, neoliberalism has hollowed out democracy. Traditional social democratic parties, once linked to labor movements, have become “cartelized,” as Blakeley puts it, aligning themselves with state and corporate interests rather than representing workers. This betrayal has fueled public distrust in institutions, leading to the rise of reactionary populism, which channels economic frustrations into xenophobia and division instead of systemic critique. Ultimately, neoliberalism's greatest failure is its inability to deliver on its promises. While it offered the illusion of freedom, it has entrenched systemic inequality, stripped workers of power, and created an economy that benefits only the few. Blakeley’s critique points toward the need for democratic planning and collective empowerment as an alternative—a system where economic decisions serve society as a whole, not just capital. Neoliberalism’s undoing, therefore, lies in its contradictions, and its legacy will be one of crisis, exploitation, and unrealized freedom. [END] --- [1] Url: https://www.dailykos.com/stories/2024/12/17/2292508/-Where-Neoliberalism-Went-Wrong?pm_campaign=front_page&pm_source=latest_community&pm_medium=web Published and (C) by Daily Kos Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/dailykos/